Rand/USD at best level in two weeks

Comment on this story


IOL world currency3

Graphic: renjith krishnan

The rand strengthened to its best level against the US dollar in two weeks‚ shrugging off the weaker-than-anticipated gross domestic product.

At 4.10pm‚ the rand was bid at R8.8133 to the US dollar from Monday’s close of R8.8460. The local currency was bid at R11.4028 to the euro from its previous close of R11.4887 and at R14.1340 against sterling from R14.1781 before.

The euro was bid at $1.2943‚ from $1.2989 previously.

“The stronger rand is a function of firmer commodity prices after a Greek debt deal and euro/dollar strength‚” said Henry Flint‚ analyst at Thebe Stockbroking.

SA's real gross domestic product rose by 1.2% on a quarter on quarter and seasonally adjusted annualised basis in the third quarter of this year from a revised 3.4% (3.2%) in the second quarter‚ Statistics SA data showed on Tuesday. - I-Net Bridge


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks

Business Directory